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David R. Morris
LAS VEGAS, Nevada and Los Angeles, California (July 8, 2011) – Royal Business Bank, Los Angeles, California announced today that it has completed the acquisition of First Asian Bank, Las Vegas, Nevada for an amount determined as set forth in the Plan of Merger. Shareholders of First Asian Bank will be notified within thirty days to exchange their shares for cash. First Asian Bank operates two full–service branches in Las Vegas, Nevada and had assets as of June 30, 2011 of $30 million and deposits of $28.6 million.
The transaction will increase total assets of Royal Business Bank to approximately $360 million and will mark Royal Business Bank’s first acquisition since its formation in November 2008. The First Asian Bank offices will operate as a division of Royal Business Bank until the system conversion at which time they will become branches of Royal Business Bank.
Louis Chang, Chairman of Royal Business Bank, stated, “We are very pleased to complete our first acquisition and expand our franchise into Las Vegas. Our model has proven very successful in the Los Angeles market and we believe we will be just as successful in the Las Vegas market. Now as part of Royal Business Bank, we believe that First Asian Bank will be able to more thoroughly serve consumers and businesses in Southern Nevada. As the economy turns around in Las Vegas, RBB will be ready to offer the banking products and services the community needs.”
Alan Thian, President and CEO of Royal Business Bank, continued, “Royal Business Bank’s success has been built on providing excellent customer service. We specialize in serving the Asian communities and are excited about bringing our model to the Las Vegas market. We believe that our banking approach will be very well received by First Asian Bank’s customers.”
Former Nevada Governor Robert F. List, Chairman of First Asian Bank, indicated that he and his board members are pleased with the transaction and that the merger will provide significant opportunities for First Asian Bank’s customers and employees. Governor List stated, “The last several years have been challenging for all community banks in Las Vegas, including for First Asian Bank. I commend our management team and our employees for preserving the most attractive elements of our franchise under difficult economic conditions.” He continued, “We think that Royal Business Bank is the perfect partner for our business.”
Philip D. LaChapelle, Chief Executive Officer of First Asian Bank, added, “First Asian Bank will emerge from the recession as Royal Business Bank. It will be well capitalized and a viable community bank positioned to benefit our community as Nevada slowly rebounds. Our customers will continue to see the same level of personal service to which they are accustomed.” He stated that "Community banks will again be the engine that drives business growth and job creation to aid in Nevada’s future.” He expressed his sincere appreciation to Chairman List, the Board, management and staff for their support throughout his tenure.
Royal Business Bank is being advised by Loren P. Hansen, APC. First Asian Bank is being advised by ParaCap Group LLC, Valtus Capital Group LLC, and Kolesar & Leatham, Chtd.
Royal Business Bank, a wholly-owned subsidiary of RBB Bancorp, is a California chartered, FDIC insured, minority owned community bank serving the Asian business communities in and around the Los Angeles area. Royal Business Bank was formed in November 2008 and currently operates three branches located in downtown Los Angeles, San Gabriel, Torrance, and Rowland Heights, California. Although the Bank serves all ethnicities, its Board and management team is mostly Chinese-American and the primary marketing focus has been on the Chinese-American communities. Royal Business Bank’s business is focused on trade finance, commercial and industrial and SBA lending with a long-term vision of serving the Asian communities throughout the Western United States. Additional information on Royal Business Bank may be found on its web site: www.royalbusinessbankusa.com.
First Asian Bank is a locally owned and operated Nevada chartered, FDIC insured community bank serving Asian-American communities with a focus on providing quality banking products and friendly personal service to the people and businesses in and around the Las Vegas market. Established in 2007, First Asian conducts its operations from two locations, with its headquarters on South Jones Boulevard and a full-service office in Chinatown. Additional information on First Asian may be found on its web site: www.firstasianbank.net.
This press release contains “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. Words or phrases such as “expect,” “believe,” “intend,” “plan,” “estimate,” “may,” “should,” “will likely result,” “will continue,” “is anticipated,” “estimate,” “project” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are subject to and involve known and unknown risks, uncertainties and other factors, which may cause actual results to be materially different from those indicated in the forward-looking statements. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in forward looking statements: (1) the businesses of Royal Business Bank and First Asian may not be combined successfully or such combination may take longer to accomplish than expected; (2) the cost savings from the merger may not be fully realized or may take longer to realize than expected; (3) operating costs, customer loss and business disruption following the merger, including adverse effects on relationships with employees, may be greater than expected; (4) changes in general economic conditions could affect the volume of loan originations, deposit flows, real estate values and credit quality trends; (5) changes in laws, regulations or policies by government or regulatory agencies could affect the banking industry, (6) fluctuations in interest rates could affect the banking industry, (7) change in the demand for loans in the market areas that Royal Business Bank and First Asian conduct their respective business could affect profitability , and (8) competition from other financial services companies in Royal Business Bank’s and First Asian’s markets could increase. These statements include, but are not limited to, statements about Royal Business Bank’s and First Asian’s plans, objectives, expectations and intentions and other statements contained in this presentation that are not historical facts. Royal Business Bank and First Asian caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Royal Business Bank and First Asian undertake no obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.